Hyundai Motor has said it will skip this year’s Tokyo Motor Show, making it the latest automaker to bow out as marketing budgets come under pressure.
“Hyundai Motor Co. will not be an official exhibitor at the 2009 Tokyo Motor Show because of the global economic downturn, which has forced a more careful allocation of resources,” Hyundai said in a statement.
Hyundai said its decision was in line with other leading automakers who have cancelled their participation.
The lack of participation by foreign carmakers at Tokyo is unprecedented and underlines the seriousness of the impact of recession on car companies.
GM and Ford said as early as February that they would not be at Tokyo and European automakers such as VW and BMW joined the list of no-shows in the summer.
The big Japanese companies will be exhibiting at the show.